You don't have to wait for the bank to come and demand the keys to your home. Here are some ideas that might help you manage your credit and get your house (and bank) off your back!

The good news is that the banks don't want your house to go to foreclosure either. The bad news is that if you can't make the payments, you may not be able to stay in your house. Take a look at the options below and call us if you need help.

Call your loan officer and research other loan options that might help. Call us if you need the name of someone reputable with great rates.

Research agents who are familiar with the process of Short Sales. This is a process whereby the bank will take less than they are owed at the closing. There are a lot of hoops that you have to jump through. It is depressing and somewhat humiliating but usually you can get the debt off your back. Your credit will take a beating but not as bad if you go all the way to foreclosure. Be sure you have an agent that is familiar with the process.

If you are in doubt about how to find an agent familiar with the short sale process, call us.

Before you embark on a short sale, just know that even though the bank may be willing to take less payoff than they are entitled to, they can ask you to repay the shortfall. They can then report the shortfall to the IRS and you will be required to pay tax on that amount. In our experience, the banks do not do either of these possibilities, but they can.

If you cannot afford the payments on your house, but perhaps you have equity and don't need a short sale, you can delay the foreclosure process and give yourself more time to get the home sold. We have a foreclosure attorney on our team and he can give you some advice, so call us and we'll help you out.

Sometimes people have more than one loan on their home. Usually it is a first mortgage and also a credit line or 2nd mortgage. The bank holding the 2nd mortgage or credit line is the bank most likely to want to help you sell your home prior to foreclosure. Otherwise they may not get paid at all since they are 2nd in line to be paid back. You may not need to default on both loans.

Call us for more ideas! We've been doing this for quite some time and can usually get the job done without too much heartache. We are available during normal business hours! 513.766.3888. Feel free to e-mail us too.